Elon Musk's recipe weighs on Taurus' health in Europe. THE Bags they are all in red. The number one of Tesla he said Wednesday evening that the leading group of the electric car in the coming months, in the face of the slowdown in global demand, will give turnover priority compared to profits. The "prophecy" of the tycoon, who is waiting by the hour for the launch of his spacecraft, after hitting the company's stock on Wall Street, hit the markets of the Old Continent this morning. To pay the highest price were the price lists auto sector: stellantisaffected, inter alia, byexit of the Cfo, leaves about 5% percent on the ground ahead of Volkswagen -3,3%. Leading the fall is Renault – 6,8%, one of the groups most engaged in the transition toelectric car. On the contrary, it contains the damages Ferrari – 2,20%. Iveco +1,25% is in positive territory. THE Wall Street futures anticipate a departure in deep red for Tesla -8% but also for the rest of the market.
Stock exchanges latest news: cars down, fears of a price war
At the origin of the fall of the price lists for four wheels is the fear that Elon Musk's strategy, which has lowered car prices six times already, may result in one war to the bottom. But, at least for now, this fear does not dispel the bogeyman of inflation. Indeed, European stocks are falling on fears of new rate hikes by the ECB fueled by lackluster core inflation data. The combination of negative factors on translates into a worsening of the indices. Milano it leaves 13% around 1,20 on the ground at 26.200 pm. It also weakens the BTP trading around 4,36% after a weak start. The spread with Germany on the same stretch it widens by a few points to 186 points. The market is pricing in terminal rates around 3,85% by the summer, a level Dutch hawk Knot said he doesn't feel uncomfortable with. Also there Bank of Italy today he stressed that the still very high price level, especially in the core component, is cause for concern.
Piazza Affari: Saipem saves itself, banks turn negative
In addition to the car weighs on Piazza Affari the descent of Stm -3,7% linked to the decline in the chip market. The correction by Telecom Italòia (2,5% after yesterday's -8%) continues today), with the market still not appreciating the slight adjustment of the two offers for the network.
Meanwhile, the rise of Saipem, up to about 2% and now +0,4% after i first quarter results which "saw a strong increase in revenues and Ebitda and were better than expected", writes Banca Akros in the daily. The group also confirmed annual targets. Weighs the decline in crude oil prices which slipped to a low of about three weeks, penalized by a strengthening of the dollar and by expectations of a rise in interest rates, which overshadowed the decline in US crude inventories. Brent futures fell $1,17, or 1,4%, to $81,95 a barrel.
also the banks are running negative impressed by the accomplishments. Loses 0,6% Banco BPM after a long series of rises. The shareholders confirmed today the CEO Giuseppe Castagna, who will work in the coming months to update the strategic plan in a stand alone logic with the aim of improving the targets.
Meanwhile, Credit Agricole has slightly increased its stake to just under 10%.
Intesa and Bper also went negative, weaker than Unicredit -1,5%) after a rally that this morning brought it to a new high since 2016, above 20 euros, in view of the accounts on May 2 and on speculation of possible M&A.
And Wall Street futures herald a red start
Also US stock futures anticipate a red start. down: both the S&P500 -0,6% and the Nasdaq -1%.
